Read the latest update on Bitcoin's price rally as it surpasses $67,000, bringing relief to short-term holders with over 75% now in profit. Discover insights from Glassnode's recent report and market analysts on the key support levels and resistance levels BTC faces amidst the current surge. Stay informed on the latest crypto market trends at OMGfin.
Bitcoin's long-anticipated surge has finally arrived, breaching the $67,000 mark and delivering a wave of relief to short-term holders. Glassnode's recent report highlights a significant milestone, showcasing that more than 75% of short-term Bitcoin holders are now in profit thanks to the recent rally. This development could potentially provide further upward momentum for Bitcoin's price.
The rally has propelled Bitcoin's price above the short-term holder (STH) cost basis, recovering 75% of their held supply into an unrealized profit zone. The STH-MVRV metric, a key indicator, has rebounded above the break-even level of 1.0, marking a positive turn for short-term holders.
Short-term holders, a vital cohort used to gauge Bitcoin demand and buying patterns, witnessed over 90% of their supply in the red during late July. However, with the recent rally, the scenario has shifted, offering significant relief to this group of investors.
Despite the positive momentum, Bitcoin is now facing crucial levels of support and resistance. The cryptocurrency managed to settle above a key support level despite a substantial $3.9 billion BTC futures expiry event. Market analysts emphasize the importance of Bitcoin holding above the current $65,000 level, which acts as a critical support zone for further price stability.
Renowned crypto analyst Rekt Capital has underlined the successful retest of the $65,000 support, confirming its significance. The price of Bitcoin is now expected to fluctuate within the $65,000-$71,500 range, as highlighted in a recent analysis.
However, challenges lie ahead as Bitcoin encounters significant resistance at the psychological $68,000 mark. Market data suggests that over $700 million worth of leveraged short positions are set to be liquidated across all exchanges if Bitcoin surpasses this crucial level. The potential for short liquidations to exceed $1 billion increases beyond the $68,500 mark, contingent on the inflows from US spot Bitcoin exchange-traded funds (ETFs).
Market trends indicate that inflows into US spot Bitcoin ETFs have been slowing down since July 23, with cumulative inflows reaching $31.1 million as of July 25, according to Farside Investors data. The push past the $68,000 resistance barrier would heavily rely on increased inflows from these ETFs.
As the crypto market experiences dynamic shifts and Bitcoin's price rally continues to unfold, staying informed on key market indicators and trends becomes crucial for investors and traders alike. Follow OMGfin for up-to-date analysis and insights on the evolving cryptocurrency landscape.
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(ZOLTAN VARDAI, COINTELEGRAPH, 2024)